ED seizes assets worth Rs 293 crore of former chairman of Tamilnad Mercantile Bank

The ED has seized assets worth Rs 293 crore owned by a former chairman of the Tamilnad Mercantile Bank under the provisions of FEMA.

The Enforcement Directorate has seized assets worth Rs 293.91 crore of Nesamanimaran Muthu alias MGM Maran, a former chairman of the Tamilnad Mercantile Bank Limited. The assets were seized under the provisions of the Foreign Exchange Management Act (FEMA), officials said.

The seized assets are in the form of shareholdings in four Indian Companies - Southern Agrifurane Industries Private Limited, Anand Transport Private Limited, MGM Entertainment Private Limited and MGM Diamond Beach Resorts Private Limited.